SEOUL, South Korea—South Korea’s financial regulator plans to establish an open interbank payment network this year that can be accessed not only by banks but also financial technology companies, with the goal of bolstering the country’s fledgling fintech business sector.
The Financial Services Commission has announced plans to create an open financial payment system accessible to nonbank players, and to lower the required usage costs, The Korea Herald reported.
The move is expected to help Korea foster more successful fintech firms here, such as the likes of mobile money transfer and simplified payment apps Toss, Naver Pay and Kakao Pay.
“As of now, only banks are granted access to the financial payment network that is needed to facilitate money payments and transfers. Moreover, each bank is allowed to handle only its own banking services,” The Korea Herald explained.